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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Barrick Gold Corp    ABX   CA0679011084

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Barrick Says Access to Peru Mine Blocked by Residents

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02/22/2013 | 12:41am CEST
By Ryan Dube 

LIMA, Peru--Canada's Barrick Gold Corp. (ABX, ABX.T), the world's largest gold producer by output, said Thursday that a group of about 200 people have set up blockades to its Lagunas Norte mine in northern Peru over demands for jobs and development projects.

A spokesman from Barrick's office in Lima said the mine is continuing to operate as normal. "For the moment, neither production nor other operations have been affected," the spokesman said.

Last year, Barrick temporarily halted operations at its Pierina mine in Peru after one person was killed in a clash between nearby residents and police. The residents had set up blockades to the mine to pressure the company for investments in local water projects.

The spokesman said that residents blocking access to the Lagunas Norte mine want the company to take part in talks on Friday with local government representatives.

Lagunas Norte produced 210,000 ounces of gold in the fourth quarter and is expected to produce 560,000 ounces to 600,000 ounces of gold this year.

The mining sector has been at the center of several violent disputes between rural, Andean communities and police over the past few years, often over environmental issues. Projects being developed by Newmont Mining Corp. (>> Newmont Mining Corp), Southern Copper Corp. (>> Southern Copper Corp) and Candente Copper Corp. (DNT.T) have been targeted.

Peru is a major global producer of base and precious metals.

Write to Ryan Dube at [email protected]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stocks mentioned in the article : Newmont Mining Corp, Southern Copper Corp
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Financials ($)
Sales 2017 8 508 M
EBIT 2017 2 552 M
Net income 2017 1 241 M
Debt 2017 4 896 M
Yield 2017 0,71%
P/E ratio 2017 14,04
P/E ratio 2018 24,88
EV / Sales 2017 2,82x
EV / Sales 2018 2,79x
Capitalization 19 138 M
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Average target price 21,1 $
Spread / Average Target 29%
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Kelvin Dushnisky President & Non-Independent Director
John Lawson Thornton Non-Independent Executive Chairman
Richard J. Williams Chief Operating Officer
Catherine Phillipa Raw Chief Financial Officer & Executive Vice President
Matthew D. Gili Chief Technical Officer
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